July 27, 2021, 9:03 a.m. EDT

Global Underground Mining Diamond Drilling Market Expected to Exceed $660 Million by 2026

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Jul 27, 2021 (Financial News Media via COMTEX) -- Palm Beach, FL - July 27, 2021 – Underground mining diamond drilling is the process of extracting core samples from the earth. This is an exploratory process that determines the structural strength of mineral composition for construction projects or potential mining. Diamond coring bits are majorly used in the exploration phase of the mining industry. Underground mining diamond drilling includes of diamond core drill bits, which are equipped with drilling systems, for example, rotary or wireline drilling systems. Deployment of efficient coring drilling rings in the exploration phase entails extensive capital investment. Mining companies invest significantly in installation and testing of mined samples over coring systems. Growing the demand for base metals such as nickel, lead, copper, and zinc and precious metals for instance gold, silver, and diamond is expected to boost investments in the metal mining business. This is possible to augment the demand for diamond core drill bits that are used in underground mining of hard rocks. Diamond core drill bits are mostly employed in the exploration industry, especially for hard rocks, as the penetration of diamond bits is high regarding that of other materials. Active stocks in the mining markets this week Clarity Gold Corp. (otcpk:CLGCF) /zigman2/quotes/219302342/delayed CA:CLAR -17.11% , Barrick Gold Corporation /zigman2/quotes/201432642/composite GOLD +1.26% /zigman2/quotes/209252292/delayed CA:ABX +1.06% , Osisko Gold Royalties Ltd /zigman2/quotes/205714859/composite OR -0.33% /zigman2/quotes/201269286/delayed CA:OR -0.40% , Agnico Eagle Mines Limited /zigman2/quotes/200957337/composite AEM +0.30% /zigman2/quotes/205100210/delayed CA:AEM +0.03% , Kinross Gold Corporation /zigman2/quotes/208295151/composite KGC +0.99% /zigman2/quotes/200423011/delayed CA:K +0.53% .

A report from WiseGuysReports predicts that the global underground mining diamond drilling market to grow with a CAGR of 5.7% through 2025, while a report from 360iResearch were even more optimistic, saying that: "The Global Underground Mining Diamond Drilling Market size was estimated at USD 433.11 Million in 2020 and expected to reach USD 463.40 Million in 2021, at a Compound Annual Growth Rate (CAGR) 7.33% from 2020 to 2026 to reach USD 662.18 Million by 2026." MaximizeMarketResearch adds that: "Region-wise, North America was the largest revenue-generating region in the underground mining diamond drilling market in 2017 and is anticipated to continue its dominance in the market by 2026. In North America, US dominated the underground mining diamond drilling market. Some players in North America supply core drill bits along with complete drill rigs solutions...The market in Canada is anticipated to expand at a rapid pace in the upcoming future... Latin America is the important region of the global underground mining diamond drilling market. Increasing investments in the extraction of underground minerals is expected to augment the demand for hard rock mining in Latin America."

Clarity Gold Corp. /zigman2/quotes/219302342/delayed CA:CLAR -17.11% /zigman2/quotes/220239925/composite CLGCF -16.53% BREAKING NEWS: CLARITY GOLD ANNOUNCES COMPLETION OF DIAMOND DRILLING PROGRAM – Clarity Gold Corp. ("Clarity" or the "Company") is pleased to announce the completion of 10,826 m of diamond drilling from 27 drill holes (the "Program") at the Company's flagship Destiny Project in the Abitibi Greenstone Belt.

The Program was completed under budget, and all samples collected have now been dispatched to the laboratory. The first batch of results from approximately 2600 m of this drilling were previously released (see Company news release dated June 16, 2021). Which included select highlight intercepts tabled below.

Table 1 Highlights from the first batch of assay results previously released on June 16, 2021.

Drillhole From (m) To (m) Width* (m) Grade (g/t)
DES21-156 329.15 334.40 5.25 3.68
including 329.70 331.80 2.10 18.64
and 331.35 331.80 0.45 32.67
DES21-157 230.50 234.95 4.45 3.79
including 230.50 231.30 0.80 20.36
DES21-160 388.00 396.00 8.00 1.57
including 391.00 392.00 1.00 4.99
including 394.00 395.00 1.00 3.68
DES21-160 435.45 436.70 1.25 4.88
DES21-161 277.50 280.15 2.65 6.97
including 278.05 279.00 0.95 15.80
DES21-162 304.00 325.00 21.00 0.98
including 319.00 321.30 2.30 4.48

The Company looks forward to updating further as results are received from the lab and interpreted.

The drill holes in this Program concentrated on infilling historic drilling in the DAC and GAP Zones, and confirmation of historic drilling which identified mineralization in these areas.

"The Company is very pleased to have completed our first significant drill program on the Destiny Project" stated CEO, James Rogers. "Our team worked diligently to complete the program as efficiently and safely as possible, while coming in well under budget. We look forward to releasing remaining results as we receive outstanding data from the laboratory and continue to build our understanding of the mineralized system."

The Company looks forward to updating further as additional results are received and as we continue to interpret these results as we evaluate bulk tonnage and high-grade models for the Destiny Project. CONTINUED...Read this entire release along with tables for the Clarity Gold at: https://www.financialnewsmedia.com/news-clar/

Other recent developments in the mining markets include:

Barrick Gold Corporation /zigman2/quotes/201432642/composite GOLD +1.26% /zigman2/quotes/209252292/delayed CA:ABX +1.06% recently reported preliminary Q2 sales of 1.07 million ounces of gold and 96 million pounds of copper, as well as preliminary Q2 production of 1.04 million ounces of gold and 96 million pounds of copper. We remain on track to achieve 2021 guidance, with both the Africa & Middle East and Latin America & Asia Pacific regions trending to the higher end of their regional gold guidance and North America to the lower end.

The average market price for gold in Q2 was $1,816 per ounce, while the average market price for copper in Q2 was $4.40 per pound.

Preliminary Q2 gold production was lower than Q1, with planned maintenance shutdowns at Nevada Gold Mines' ("NGM") processing facilities further impacted by a mechanical mill failure at Carlin's Goldstrike roaster, as well as planned maintenance at Pueblo Viejo. The Goldstrike roaster is currently operating at a reduced rate and work to repair the mill is expected to be completed in Q3, with actions being taken to mitigate the impact on NGM's full year production. As previously guided, Barrick's gold production in the second half of 2021 is forecast to be higher than the first half. Q2 gold cost of sales per ounce is expected to be 2 to 4% higher, total cash costs per ounce are expected to be 1 to 3% higher and all-in sustaining costs per ounce [3] are expected to be 6 to 8% higher than Q1.

Osisko Gold Royalties Ltd /zigman2/quotes/205714859/composite OR -0.33% /zigman2/quotes/201269286/delayed CA:OR -0.40% recently announced that it has entered into a royalty transfer agreement with Sailfish Royalty Corp. pursuant to which Osisko has agreed to purchase an up to 2.75% net smelter return royalty on the Tocantinzinho gold project operated by Eldorado Gold Corporation for cash consideration of US$10 million.

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2.47%
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CA : Canadian Securities Exchange
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/zigman2/quotes/209252292/delayed
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/zigman2/quotes/205714859/composite
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1.44%
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$ 15.05
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Volume: 428,808
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1.46%
Market Cap
$2.54 billion
Rev. per Employee
$1.72M
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